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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"Harbor Capital Appreciation Fund returned 17.65% in Q2 2026, outperforming benchmarks through strong stock selection in Information Technology. AI infrastructure investment drove performance, with semiconductor and cloud infrastructure companies leading gains."
The Harbor Capital Appreciation Fund delivered strong Q2 2026 performance, returning 17.65% and outperforming both the Russell 1000 Growth Index (16.74%) and S&P 500 Index (15.20%). The quarter was characterized by robust earnings growth driven primarily by AI-related investment, with Information Technology leading sector performance. Stock selection in Information Technology and Health Care drove outperformance, while Communication Services and Consumer Staples detracted. The managers initiated positions in SanDisk, SpaceX, and Starbucks to capitalize on AI-driven data storage demand, satellite connectivity growth, and retail turnaround opportunities. Top contributors included Advanced Micro Devices, Alphabet, Broadcom, and NVIDIA, all benefiting from AI infrastructure investment. Detractors included Netflix (failed M&A bid), Constellation Energy (project timing concerns), and Walmart (margin pressure from fuel costs). Despite elevated geopolitical tensions, inflation pressures, and higher interest rates, the managers maintain their disciplined focus on high-quality growth companies with enduring competitive advantages. They view AI as a transformational multi-year cycle with broad implications across sectors and believe the Fund remains well positioned for attractive long-term growth.
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